Chapter 7 Definitions
Chapter 7 Definitions
Terms
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- Government Powers (4)
- Police powers, eminent domain, taxation, escheat
- Riparian Rights
- Owner's rights in land that borders on or includes a stream, river or lake. Rights include access to and use of the water
- Reversion/Remainder Interests
- Future ownership rights after life estate ends; remainder interest passes to a third party; reversionary interest reverts to the original owner or heirs
- Lien
- Monetary interest in real property; example are mortgage liens, mechanics liens
- Defeasible Fee
- Fee simple estate in which the holder may lose title if a certain event occurs or does not occur: "So long as ....., " or "no alcohol sales," etc.
- Encumbrance Claim
- Charge or liability that attaches to real estate liens, restrictions, easements, encroachments
- Fee Simple Absolute
- Maximum possible estate or right of ownership of real property, continuing forever
- Legal Life Estates (3)
- Curtesy (husband's rights), dower (wife's interest, homestead (protect family home from certain creditors)
- Appurtenant Easement
- Easement that is attached to and travels with the ownership of one parcel allowing the owner the use of the use of the neighbor's land
- Leasehold Estate
- Tenant's right to occupy real estate during the term of a lease, generally considered to be a personal property interest
- Easement by Prescription
- Easement claimant has used another's land for a certain period of time (10 - 20 years) openly, continuously and without the owner's approval
- Easement in Gross
- ndividual interest in someone else's land; no dominant tenement. Commercial may be assigned, conveyed or inherited; examples: utility lines, sewer, water